IoM Expects Brexit To Boost Stock Exchange
by Jason Gorringe, Lowtax.net, London
07 November, 2017
The Isle of Man's financial services industry stands to gain from Brexit, including new listings on The International Stock Exchange (formerly the Channel Islands Securities Exchange), according to Carolyn Gelling who heads up the Exchange on the island.
Speaking to members of the Isle of Man branch of the Chartered Institute for Securities and Investment, Gelling said that while "... Brexit has thrown up a number of questions ... the Isle of Man can offer the certainty of a financial services jurisdiction, which is a third country in relation to the European Union."
Using the Exchange's business as an example, Gelling explained how its ability to offer a stable and proportionate regime has already helped to attract more business during the past year in the form of HMRC-approved Real Estate Investment Trusts investing into UK property, and through new debt issues.
Gelling also said the Exchange's offering might prove attractive to small- and medium-sized enterprises in the island and from firms in the UK who may have limited financing options available to them. She said: "A listing on a major stock exchange is often prohibitively expensive and/or bureaucratic. We believe The International Stock Exchange provides a complementary offering to those that already exist and, by acting as an 'incubator' exchange, we can help to oil the wheels of economic growth in the UK, especially given the context of Brexit."
Gelling concluded by saying that at a time of such uncertainty, the stability being offered by the island means it is ideally placed to support the UK economy through Brexit.
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